IM4003 Value Engineering Syllabus:
IM4003 Value Engineering Syllabus – Anna University PG Syllabus Regulation 2021
OBJECTIVES:
To Understand and Explain Value Engineering, Estimation, Job Plan, Reliability estimation and Various Phases.
UNIT I INTRODUCTION
Value Engineering (VE) and Value Analysis (VA) – Life Cycle of a product- Methodology of value engineering – Difference from the conventional methods of cost reduction- Unnecessary costs reasons- Quantitative definition of value- Use value and Prestige value.
UNIT II ESTIMATION
Estimation of product Quality/performance- Types of functions- Relationship between Use functions and Esteem Functions in product design – Functional cost and Functional Worth – Effect of Value improvement on profitability- Test for poor value –Aims of Systematic Approach.
UNIT III JOB PLAN
Functional approach to value improvement-various phases and techniques of Job Plan – Factors governing project selection – Types of Projects-Life Cycle Costing (LCC) for managing the Total Value- Concepts in LCC – Present value concept- Annuity concept- Net Present value- Payback period -Internal rate of return on Investment (IRR)-Examples and Illustrations.
UNIT IV RELIABILITY ESTIMATION
Creative thinking and creative judgment- positive or constructive discontent- Tangible and Intangible costs of Implementation-False material-labour and overhead saving – Relationship between savings and probability of success- Reliability Estimation-System reliability- Reliability elements in series and parallel.
UNIT V VARIOUS PHASES
General Phase-Information Phase – Type of costs- Function Phase – Evaluation of Functional Relationships- Checks for Consistency-Function –cost-weight-matrix-VIP Index – High cost and Poor value areas- Creativity/Speculation Phase – Rules of Creativity-Brainstorming- Idea activators Result accelerators – Evaluation Phase – Estimation of costs of ideas- Evaluation by comparison.
COURSE OUTCOME
CO1 Establish the Value engineering methodology
CO2 Recognize the various phases of value engineering
CO3 Perform function cost worth analysis
CO4 Create the ideas for solving the problems
CO5 Analyze the functional importance and functional cost
REFERENCES
1. Arthur E Mudge, “Value Engineering”, McGraw Hill Book Company,1971
2. A.D. Raven, Profit Improvement through Value Analysis, value Engineering and Purchase Price Analysis, Cassell and Co. London. (1971)
3. Richard J Park, “Value Engineering – A Plan for Inventions”, St. Lucie Press, London,1999
4. S SIyer,” Value Engineering – A How to Manual”, 3rd edition, New Age Publishers, Chennai, ISBN:978-81-224-2405-8,2006
5. Value engineering, Mukhopadhyaya, Anil Kumar, Response Books, New Delhi, ISBN: 0-7619-9788-1, 2003.